Proterra, the US-headquartered electric bus producer backed by corporates General Motors, Mitsui, Edison Energy, Exelon, BMW and Daimler, raised $200m yesterday in a round led by investment bank Cowen.
Cowen’s Sustainable Advisors subsidiary provided $150m while the other $50m came from Soros Fund Management, Generation Investment Management and Broadscale Group. BofA Securities was placement agent for the deal.
Founded in 2004, Proterra manufactures buses equipped with its proprietary electric powertrain and battery systems. It will use the funding for research and development as it looks to expand into other commercial vehicles.
The company had raised a total of $565m as of a $155m round in September 2018 co-led by automotive manufacturer Daimler and family office Tao Capital Partners that included venture capital firm G2VP and undisclosed others.
Reports in August 2019 stated Proterra’s internal valuation stood at more than $1bn, and Conductive Ventures, the growth equity firm sponsored by electronics manufacturer Panasonic, confirmed last month it is also an investor.
Carmaker BMW’s i Ventures vehicle had joined Generation Investment Management to provide $55m for Proterra in June 2017, five months after $140m in ‘series 5’ funding from investors including carmaker General Motors and power producers Exelon and Edison Energy.
Tao Capital Partners, Kleiner Perkins Caufield & Byers (KPCB), 88 Green Ventures, Middle East Venture Partners and Obvious Ventures also took part, as did an unnamed backer that supplied $40m. General Motors and Exelon invested through GM Ventures and Constellation Technology Ventures.
The company had previously received $55m in debt and equity financing from angel investors and undisclosed backers in 2015. Constellation Technology Ventures, Hennessey Capital, Vision Ridge Partners and Tao Invest had combined to supply $30m the previous year.
GM Ventures, Edison Energy, Constellation Technology Ventures had joined diversified conglomerate Mitsui and Hennessey Capital, part of financial services provider Hitachi Capital, as well as KPCB, Vision Ridge and 88 Green in Proterra’s $24m series C round in 2013.
Proterra had already raised $30m from GM Ventures, Mitsui, KPCB, Vision Ridge and 88 Green in 2011, after investment firm MK Energy and Infrastructure had put up $20m the previous year.
Image courtesy of Proterra.
